Leisure Wear produces caftans Leisure Wear estimates that it will
Leisure Wear produces caftans. Leisure Wear estimates that it will take two yards of fabric and five yards of thread to make one caftan. Typically, one yard of fabric costs $2, and one yard of thread costs $0.25. At the end of October, Leisure Wear had produced 35,000 caftans using 68,100 yards of fabric that cost $140,200 and 140,800 yards of thread costing $34,900.
Required:
Calculate the following variances:
(a) Total material variance for fabric
(b) Material price variance for fabric
(c) Material quantity variance for fabric
(d) Total material variance for thread
(e) Material price variance for thread
(f) Material quantity variance for thread
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